The market is beginning to settle after a turbulent royal commission. As a result, movement in the market is increasing. There’s no doubt that tightening lending conditions and declining activity in the property market are still impacting the broker space, but those looking to grow should start to see more candidate activity.
As a mortgage broker, defining your consumer value proposition is essential. And, more recently, brokers have been forced to start thinking about this and maybe even diversifying what services and products they provide.
For businesses looking to grow and compete for talent, defining your employee value proposition is also something that you should be focusing on.
When a business engages me to source a broker, more often than not, the capability and experience required do not vary so much from company to company because most brokers want the same thing. From a candidate’s perspective, a lot of the roles look the same, and this is an opportunity that too few growing businesses are capitalising on.
Where I see groups win is when they have defined their employee value proposition and created an attractive package that differentiates them and the role.
The competition for talent needs to be acknowledged, and for those who want to compete, a clear understanding of how your offer compares is going to give you an idea of the type of talent you’ll attract.
My advice for groups looking to define their employee value proposition is to clearly identify areas of your business that candidates will find attractive.
The obvious way to attract top talent is to pay above market rate. High salaries and big commissions, however, are not always an option for smaller businesses.
I frequently work with groups to identify other attractive areas of their business or things they can include in a value proposition to attract the talent they want. Variables would include things like flexibility, ownership in the business, access to leads and referral partners, the culture, career progression, admin assistance and technology.
The more defined and measurable these variables are, the better and more attractive they will be.
Too often, I see groups prematurely advertise their offer, an offer that is below market average. And, as a result, their employer brand is impacted negatively, and candidates begin to recognise them as an unattractive business.
Zak Wilford is a specialist business consultant in the finance broker space and recently joined the banking and finance division of heavyweight recruiter Randstad.
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